The film will feature an original story with characters created by Rudd and Mann in Knocked Up.
Apatow is writing, directing and producing the June 1, 2012 release, produced by Barry Mendel and Clayton Townsend. Universal's Vice President of Production, Erik Baiers, will oversee the project for the studio.
Filming is scheduled for this summer in Los Angeles.
Paul will next star in My Idiot Brother, which will premiere at Sundance, and Wanderlust, which Rudd and Apatow are producing with David Wain.
Leslie will next star in Little Birds, which will premiere at Sundance, and is currently filming The Change-Up.